Summary

Over the past few decades, China's economy has expanded to become one of the biggest and most powerful in the world. China's GDP, measured in terms of purchasing power parity (PPP) equivalent, is currently the greatest due to industrial production and exports of manufactured goods. One of the factors driving the increase in construction equipment rental earnings is China's Road Program, a staggering $ 1 trillion investment in port, road, and rail infrastructure spanning more than 150 nations.Together with other massive infrastructure projects in the developing world, China's Road Program, which aims to connect China with other regions of Asia, Russia, and Europe by land and sea corridors, has contributed to the acceleration of global growth. Increased income for construction equipment in developing economies has resulted from a surge in residential construction.The market for renting construction equipment is divided into three segments based on the type of equipment used: earth movement, material handling, and road building and concrete. Mobile and powered vehicles used to haul, dig, spread, or move earth or other materials are referred to as "earth movement equipment."

According to the research report "China Construction Equipment Rental Market Overview, 2028," published by Bonafide Research, the China Construction Equipment Rental market is expected to add USD 2.4 Billion by 2028. The original purchase, maintenance, and inventory costs of the machinery and equipment are avoided while renting it. In order to make long-term earnings from the products, the rental firms spend more money on maintaining and repairing them. The rental firms have begun delivering onsite support services for clients in far-flung areas as a way to further diversify their product and service portfolios. Renting construction equipment is more expensive in China than purchasing construction machinery. The world's biggest market for construction equipment is China. The need for construction equipment was driven by rural development operations, growing urbanisation, and the expansion of public-private partnerships. All components of China's supply chain for construction machines are located there, making it one of the greatest in the world.

Construction equipment rental in China is on the rise. The purchase of new equipment is expensive and has maintenance and storage implications. Even for more recent firms, renting is increasingly an option that makes sense. In reality, among building firms, renting equipment rather than buying it outright has been preferred for short-term construction applications since it allows for the best possible exploitation of the equipment. The world's biggest market for construction machinery is China. Around 60% of all construction equipment sold in China is comprised of excavators. More than any other nation in the world, China has roughly 25 excavator manufacturers, according to the China Construction Machinery Association.

Excavators have become very popular in China because of the country's vast development initiatives. The Chinese government invested USD 3.4 trillion in the country's infrastructure in 2021. The development of China's infrastructure is mostly focused on building superhighways, high-speed rail lines, airports, bridges, ports, and metro systems. Large-scale soil excavation is required for these megaprojects in order to create the foundations, making manual labour impractical. Thus, construction equipment like excavators is required to carry out soil excavation at the sites of these megaprojects. In China, major players who provide construction equipment for rent are Sany Heavy Industry Co., Ltd., Xuzhou Construction Machinery Group Co., Ltd., Zoomlion Heavy Industry Science and Technology Co., Ltd., LiuGong, officially Guangxi LiuGong Machinery Co., Ltd., Shantui Construction Machinery Co., Ltd., and many more.

COVID-19 impact:
Construction was halted during the COVID-19 lockdown period in order to curb the virus's transmission and uphold social distance rules, which had a detrimental effect on the market in 2020. However, as economies continue to open, demand is gaining pace, which will help restart GDP growth. Government funding on construction projects is rising, which would probably increase demand for construction equipment rental services.

Considered in this report
• Geography: China
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• China Construction Rental market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By equipment Type:
• Earthmoving
• Material handling
• Concrete and road construction

By Application Type:
• Residential
• Non residential
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Construction Rental industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.